Barnwell to Sell Canadian Oil & Gas Business for C$9M Including 5% Royalty
Barnwell Industries agreed to sell its Canadian oil and gas business for C$9M, including C$4M cash and a 5% royalty valued at C$5M. The deal, signed Oct 5, is subject to closing conditions. Barnwell retains the royalty, which the buyer may purchase post-closing for C$5M. Barnwell continues operations until closing. According to the company, the transaction is detailed in an SEC filing.
